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Found 22 results

  1. FCA CEO Sergio Marchionne is giving it a rest when it comes to merger talk. Speaking with Bloomberg, Marchionne says he will focus on growing FCA through 2018. After 2018, Marchionne could retire from the company. Last year, Marchionne campaigned publicly for a merger of FCA and General Motors. GM's board looked at his proposal in the summer and rejected it. After this, Marchionne backtracked somewhat, saying the merger could generate $30 billion a year in cash. But now, Marchionne says any chances of a possible GM merge are done. “I met Mary Barra less than a month ago in Washington. I don’t think I will have another coffee with her. It won’t happen again in the future.” Of course, the talk of merging with GM must have brought some other companies out of the woodwork? Marchionne explained that he did get proposals, but were deemed not very attractive. He still believes a big merger is possible, but "it will be someone else's duty." Now with the merger stuff mostly out of his system, Marchionne will focus on finishing the current five-year plan for the company. His overall goal is to increase global deliveries to seven million units a year by 2018. To achieve this, FCA will invest around $52 billion for new products. Source: Bloomberg
  2. FCA CEO Sergio Marchionne is quite serious on this consolidation of the automotive industry. Last month, it was reported that Marchionne emailed General Motors CEO Mary Barra about a possible tie up and wanting to meet back in March. Barra rejected this idea outright. But this isn't stopping Marchionne. The Wall Street Journal reports Marchionne is turning to activist investors to compel GM into this idea. There is prescient for this idea as earlier in the year, a group of investors approached GM to buy back $8 billion of their stock. Through negotiation, GM agreed to buy back $5 billion of stock. The other prescient goes back to 2006 when Nissan CEO Carlos Ghosn teamed up with activist investor Kirk Kerkorian to have GM join the alliance with Nissan and Renault. After weeks of discussion, GM declined to join. If this idea goes no where, Marchionne has a Plan B. Bloomberg has learned from sources that there is a fallback option where Marchionne could talk to other automakers. Such automakers include Volkswagen, Mazda, and PSA Peugeot-Citroen. Source: The Wall Street Journal (Subscription Required), Bloomberg
  3. Sergio Marchionne is the biggest critic of electric vehicles in the automotive industry. But he seems to be changing his tune (to a point). "I’m not as convinced as some others are about the fact that electrification is the solution for all of man’s ills. We need to experiment as we are doing now with connected cars and mobility as electrification is one of the potential answers," said Marchionne to Bloomberg. Marchionne said the company is contemplating adding full electric vehicles to their lineup including a small city car for Europe and a version of the upcoming Maserati Alfieri coupe. The latter model could be positioned as a rival to Tesla. "I’ve always thought the economic model that supports Tesla is something that Fiat Chrysler could replicate as we have the brand and the vehicles to do it. I think that to use one of our potential cars as an experiment in this area is interesting," said Marchionne. Marchionne also said the company would launch more hybrid vehicles down the road. Source: Bloomberg
  4. For better or worse, Fiat Chrysler Automobiles CEO Sergio Marchionne will say whatever comes to his mind. Case in point, saying the next-generation Chrysler 300 could go front-wheel drive. "This plant and this architecture is capable of making the 300 successor, the front-wheel, all-wheel drive successor," Marchionne told reporters at FCA's Windsor plant - home to Pacifica production. The architecture in question what underpins the new Pacifica minivan. Now when asked if the 300 would switch from a rear-wheel to a front-wheel platform, Marchionne said, "It's capable. It's not a commitment." The current Chrysler 300 and its stablemates, the Dodge Charger and Challenger use the LX platform that uses suspension bits from older Mercedes-Benz models - the W211 E-Class and W220 S-Class. This move makes some sense as Chrysler is slowly being positioned as a competitor to the likes of Honda, Chevrolet, and Ford. Plus, it would give Dodge some breathing room to become the performance brand by having a rear-wheel drive platform for themselves. But who can be sure at the moment since plans at FCA seem to be in a constant state of change. Source: Reuters Pic Credit: William Maley for Cheers & Gears
  5. Ferrari announced today that the current CEO Amedeo Felisa will step down and Sergio Marchionne will become the new CEO. The changes are effective immediately. The change didn't come as a surprise to most people. Sources tell Reuters that Marchionne being named CEO doesn't change much as he has been in charge since former Chairman Luca Di Montezemolo quit in September 2014. Felisa has been with Ferrari for 26 years holding various roles including overseeing product development and the general manager of the brand. He was named CEO in 2008. Felisa will still be part of Ferrari's board of directors. It is unknown what this change will bring to the Italian sports car maker. But considering some of Marchionne's previous comments, it wouldn't be surprising if production is slightly increased and an entry-level sports car comes out. Source: Associated Press, Reuters, Ferrari Press Release is on Page 2 Ferrari Announces CEO Succession Maranello (Italy), 2 May 2016 – Ferrari N.V. (“Ferrari” or “Company”) (NYSE/MTA: RACE) announces the retirement of its Chief Executive Officer, Mr. Amedeo Felisa, after 26 years of dedicated service. Mr. Sergio Marchionne will assume those responsibilities while retaining his current role as Chairman of the Company. Mr. Felisa will continue to serve on the Board of Directors of Ferrari with a specific mandate as technical advisor to the Company. Sergio Marchionne had this to say: “I have known Amedeo for more than a decade and I have had the opportunity to work with him closely for the last two years. He is beyond any doubt one of the best automotive engineers in the world. During the last 26 years, he has worked tirelessly to fuel and guide Ferrari’s technical development, producing an array of cars which have set the standard for both performance and styling.” The Board of Directors wants to officially express its gratitude to Amedeo for his contributions and is delighted to be able to count on his services as technical advisor to the leadership team going forward. These executive changes are effective immediately.
  6. Fiat Chrysler Automobile's CEO Sergio Marchionne is someone who speaks his mind - for better or worse. Speaking with Automotive News Europe, Marchionne expressed his skepticism on the recently unveiled Tesla Model 3, specifically on how they can make a profit. "I'm am not surprised by the high number of reservations but you have then to build and deliver them and also be profitable," Marchionne said. The Model 3 is Tesla entry into the mass-market EV segment with a $35,000 pricetag. At the moment, reservations for the new model are nearing 400,000. Marchionne doesn't see how Tesla could make money on it. But Marchionne went on to say if Tesla's Elon Musk "can show me that the car will be profitable at that price, I will copy the formula, add the Italian design flair and get it to the market within 12 months." Considering this is the same person who railed against EVs for years, it is a bit of a shock. Asked if he thinks the company is arriving late to the EV party, Marchionne said: “better late than sorry.” Source: Automotive News Europe (Subscription Required)
  7. We could count on both hands the number of stories we have written about the Alfa Romeo Giulia being delayed for one reason or another. But according to FCA CEO Sergio Marchionne, the reason for all of those various delays is to make sure it would be a true rival to models such as the BMW 3-Series. "The project was technically immature. We will start only when we are on par with the Germans, otherwise it is not worth the effort," Marchionne told Automotive News. We're not sure how much of this comment we can take as seriously considering the Giulia was supposed to originally come out in 2013. Let us look at the list of delays, Issues with Manufacturing and Styling of the vehicle Engines suited for the vehicle not being ready Changing from a front-wheel drive to a rear-drive platform Problems with getting NVH to an acceptable level Failing to pass internal crash tests (though Alfa Romeo vehemently denies this) Alfa Romeo says that orders for the Giulia will open in April. The U.S. will see Giulia arrive this fall with the high-performance Quadrifoglio, followed by a turbocharged 2.0L four-cylinder towards the end of the year. We'll believe it when we see it. Source: Automotive News (Subscription Required)
  8. With the midsize truck market on the rebound, FCA is considering whether or not to do a midsize for Ram. “We’re looking into it. I have a keen interest in getting it done. The big question is whether it should be body on frame,” said Marchionne to reporters at the Geneva Motor Show. Previously, Ram was considering doing a midsize truck on a unibody platform. But this idea was tossed out due to problems with getting decent fuel economy and pricing the model at an affordable point while still making a profit. Marchionne says the biggest hurdle for a Ram midsize truck is trying to make a business case for it. When Marchionne looks at GM's midsize trucks - Chevrolet Colorado and GMC Canyon -, he assumes the profit margins are less than the full-size trucks due to pricing. Still, Marchionne believes there is a place for a midsize truck. “I think it’s a good place to be. Ram needs to expand its lineup.” Source: Motor Trend
  9. Fiat Chrysler Automobiles' five-year plan for each of its nine core brands doesn't sound realistic to analysts. Automotive News Europe reports that analysts cannot see FCA achieving its goal of doubling or tripling sales without investing a lot of money, something FCA doesn't quite have at the moment. Analysts believe for FCA to pull this monumental plan off, they'll need to cut some brands out. “The problem is PowerPoint presentations are a lot easier than real life. These brands need a huge amount of work to get where they need to be. The world changes very slowly and you have brands at the bottom of the pile in many regions. It’s not going to happen overnight,” said Harald Hendrikse, a London-based analyst with Nomura Holdings. CEO Sergio Marchionne disagrees with analysts, saying that FCA’s advantage is that “we now have brands in the marketplace that are not butting heads.” Marchionne also pointed out that plan already eliminated two brands; Lancia and SRT. Marchionne also responded to comments that Chrysler and Dodge should be combined. “Co-mingling Dodge and Chrysler would have cost us a lot of share. That combination doesn’t work in our view,” Marchionne said. Source: Automotive News Europe (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  10. Sergio Marchionne is planning on stepping down as head of Fiat Chrysler Automobiles in 2018. But before he says good-bye, he wants to do one more big deal to help plug up holes in FCA and expand into other markets. Reuters reports that Marchionne has been putting out feelers for the past year to try and jumpstart consolidation in the industry to help share costs and bring out new technologies. But an alliance would help FCA as they have one the largest piles of debt in the industry, along with a number of other problems such as an over-reliance on a North American market and missing a good amount of the Asian marketplace. "The U.S. is where FCA is focusing now. Marchionne is doing a lot of work on his last deal and something will happen before 2018." said a source to Reuters. Several sources say Marchionne and the Agnelli family - the founders of Fiat - have their eyes on General Motors as they have a strong presence in both the U.S. and Asia. Also, GM wants to get back on the right track in Europe after the mess with PSA Peugeot Citroen went no where. But a source at a U.S. bank says GM isn't interested. This isn't the first time that FCA has put feelers out. Last year, there were reports of FCA speaking with both PSA Peugeot Citroen and Volkswagen. These reports were denied. Source: Reuters
  11. The end is coming for Fiat Chrysler Automobile's CEO Sergio Marchionne. In a interview with Bloomberg, Marchionne says he will step down in 2018, the same time that his second five year plan will end. “I’ll undoubtedly do something else” after the end of 2018, said Marchionne. "I am not going to do any more turnarounds. I’m done; let some of the young punks do it.” Marchionne, 62, became the CEO of Fiat in 2004 and helped triple the automaker's revenue over the subsequent years. He was also a key person in the company's acquisition of Chrysler. There is no mention of who will be successor to Marchionne. But the current CEO does mention his role may be split among a number of executives. “There are a number of things that the next CEO will do which are totally different from what I do. The role as presently configured will have to be reconfigured.” Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  12. Sergio Marchionne is the biggest critic of electric vehicles in the automotive industry. But he seems to be changing his tune (to a point). "I’m not as convinced as some others are about the fact that electrification is the solution for all of man’s ills. We need to experiment as we are doing now with connected cars and mobility as electrification is one of the potential answers," said Marchionne to Bloomberg. Marchionne said the company is contemplating adding full electric vehicles to their lineup including a small city car for Europe and a version of the upcoming Maserati Alfieri coupe. The latter model could be positioned as a rival to Tesla. "I’ve always thought the economic model that supports Tesla is something that Fiat Chrysler could replicate as we have the brand and the vehicles to do it. I think that to use one of our potential cars as an experiment in this area is interesting," said Marchionne. Marchionne also said the company would launch more hybrid vehicles down the road. Source: Bloomberg View full article
  13. Fiat Chrysler Automobile's CEO Sergio Marchionne is someone who speaks his mind - for better or worse. Speaking with Automotive News Europe, Marchionne expressed his skepticism on the recently unveiled Tesla Model 3, specifically on how they can make a profit. "I'm am not surprised by the high number of reservations but you have then to build and deliver them and also be profitable," Marchionne said. The Model 3 is Tesla entry into the mass-market EV segment with a $35,000 pricetag. At the moment, reservations for the new model are nearing 400,000. Marchionne doesn't see how Tesla could make money on it. But Marchionne went on to say if Tesla's Elon Musk "can show me that the car will be profitable at that price, I will copy the formula, add the Italian design flair and get it to the market within 12 months." Considering this is the same person who railed against EVs for years, it is a bit of a shock. Asked if he thinks the company is arriving late to the EV party, Marchionne said: “better late than sorry.” Source: Automotive News Europe (Subscription Required) View full article
  14. Ferrari announced today that the current CEO Amedeo Felisa will step down and Sergio Marchionne will become the new CEO. The changes are effective immediately. The change didn't come as a surprise to most people. Sources tell Reuters that Marchionne being named CEO doesn't change much as he has been in charge since former Chairman Luca Di Montezemolo quit in September 2014. Felisa has been with Ferrari for 26 years holding various roles including overseeing product development and the general manager of the brand. He was named CEO in 2008. Felisa will still be part of Ferrari's board of directors. It is unknown what this change will bring to the Italian sports car maker. But considering some of Marchionne's previous comments, it wouldn't be surprising if production is slightly increased and an entry-level sports car comes out. Source: Associated Press, Reuters, Ferrari Press Release is on Page 2 Ferrari Announces CEO Succession Maranello (Italy), 2 May 2016 – Ferrari N.V. (“Ferrari” or “Company”) (NYSE/MTA: RACE) announces the retirement of its Chief Executive Officer, Mr. Amedeo Felisa, after 26 years of dedicated service. Mr. Sergio Marchionne will assume those responsibilities while retaining his current role as Chairman of the Company. Mr. Felisa will continue to serve on the Board of Directors of Ferrari with a specific mandate as technical advisor to the Company. Sergio Marchionne had this to say: “I have known Amedeo for more than a decade and I have had the opportunity to work with him closely for the last two years. He is beyond any doubt one of the best automotive engineers in the world. During the last 26 years, he has worked tirelessly to fuel and guide Ferrari’s technical development, producing an array of cars which have set the standard for both performance and styling.” The Board of Directors wants to officially express its gratitude to Amedeo for his contributions and is delighted to be able to count on his services as technical advisor to the leadership team going forward. These executive changes are effective immediately. View full article
  15. For better or worse, Fiat Chrysler Automobiles CEO Sergio Marchionne will say whatever comes to his mind. Case in point, saying the next-generation Chrysler 300 could go front-wheel drive. "This plant and this architecture is capable of making the 300 successor, the front-wheel, all-wheel drive successor," Marchionne told reporters at FCA's Windsor plant - home to Pacifica production. The architecture in question what underpins the new Pacifica minivan. Now when asked if the 300 would switch from a rear-wheel to a front-wheel platform, Marchionne said, "It's capable. It's not a commitment." The current Chrysler 300 and its stablemates, the Dodge Charger and Challenger use the LX platform that uses suspension bits from older Mercedes-Benz models - the W211 E-Class and W220 S-Class. This move makes some sense as Chrysler is slowly being positioned as a competitor to the likes of Honda, Chevrolet, and Ford. Plus, it would give Dodge some breathing room to become the performance brand by having a rear-wheel drive platform for themselves. But who can be sure at the moment since plans at FCA seem to be in a constant state of change. Source: Reuters Pic Credit: William Maley for Cheers & Gears View full article
  16. FCA CEO Sergio Marchionne is quite serious on this consolidation of the automotive industry. Last month, it was reported that Marchionne emailed General Motors CEO Mary Barra about a possible tie up and wanting to meet back in March. Barra rejected this idea outright. But this isn't stopping Marchionne. The Wall Street Journal reports Marchionne is turning to activist investors to compel GM into this idea. There is prescient for this idea as earlier in the year, a group of investors approached GM to buy back $8 billion of their stock. Through negotiation, GM agreed to buy back $5 billion of stock. The other prescient goes back to 2006 when Nissan CEO Carlos Ghosn teamed up with activist investor Kirk Kerkorian to have GM join the alliance with Nissan and Renault. After weeks of discussion, GM declined to join. If this idea goes no where, Marchionne has a Plan B. Bloomberg has learned from sources that there is a fallback option where Marchionne could talk to other automakers. Such automakers include Volkswagen, Mazda, and PSA Peugeot-Citroen. Source: The Wall Street Journal (Subscription Required), Bloomberg View full article
  17. Sergio Marchionne is planning on stepping down as head of Fiat Chrysler Automobiles in 2018. But before he says good-bye, he wants to do one more big deal to help plug up holes in FCA and expand into other markets. Reuters reports that Marchionne has been putting out feelers for the past year to try and jumpstart consolidation in the industry to help share costs and bring out new technologies. But an alliance would help FCA as they have one the largest piles of debt in the industry, along with a number of other problems such as an over-reliance on a North American market and missing a good amount of the Asian marketplace. "The U.S. is where FCA is focusing now. Marchionne is doing a lot of work on his last deal and something will happen before 2018." said a source to Reuters. Several sources say Marchionne and the Agnelli family - the founders of Fiat - have their eyes on General Motors as they have a strong presence in both the U.S. and Asia. Also, GM wants to get back on the right track in Europe after the mess with PSA Peugeot Citroen went no where. But a source at a U.S. bank says GM isn't interested. This isn't the first time that FCA has put feelers out. Last year, there were reports of FCA speaking with both PSA Peugeot Citroen and Volkswagen. These reports were denied. Source: Reuters View full article
  18. FCA CEO Sergio Marchionne is giving it a rest when it comes to merger talk. Speaking with Bloomberg, Marchionne says he will focus on growing FCA through 2018. After 2018, Marchionne could retire from the company. Last year, Marchionne campaigned publicly for a merger of FCA and General Motors. GM's board looked at his proposal in the summer and rejected it. After this, Marchionne backtracked somewhat, saying the merger could generate $30 billion a year in cash. But now, Marchionne says any chances of a possible GM merge are done. “I met Mary Barra less than a month ago in Washington. I don’t think I will have another coffee with her. It won’t happen again in the future.” Of course, the talk of merging with GM must have brought some other companies out of the woodwork? Marchionne explained that he did get proposals, but were deemed not very attractive. He still believes a big merger is possible, but "it will be someone else's duty." Now with the merger stuff mostly out of his system, Marchionne will focus on finishing the current five-year plan for the company. His overall goal is to increase global deliveries to seven million units a year by 2018. To achieve this, FCA will invest around $52 billion for new products. Source: Bloomberg View full article
  19. We could count on both hands the number of stories we have written about the Alfa Romeo Giulia being delayed for one reason or another. But according to FCA CEO Sergio Marchionne, the reason for all of those various delays is to make sure it would be a true rival to models such as the BMW 3-Series. "The project was technically immature. We will start only when we are on par with the Germans, otherwise it is not worth the effort," Marchionne told Automotive News. We're not sure how much of this comment we can take as seriously considering the Giulia was supposed to originally come out in 2013. Let us look at the list of delays, Issues with Manufacturing and Styling of the vehicle Engines suited for the vehicle not being ready Changing from a front-wheel drive to a rear-drive platform Problems with getting NVH to an acceptable level Failing to pass internal crash tests (though Alfa Romeo vehemently denies this) Alfa Romeo says that orders for the Giulia will open in April. The U.S. will see Giulia arrive this fall with the high-performance Quadrifoglio, followed by a turbocharged 2.0L four-cylinder towards the end of the year. We'll believe it when we see it. Source: Automotive News (Subscription Required) View full article
  20. With the midsize truck market on the rebound, FCA is considering whether or not to do a midsize for Ram. “We’re looking into it. I have a keen interest in getting it done. The big question is whether it should be body on frame,” said Marchionne to reporters at the Geneva Motor Show. Previously, Ram was considering doing a midsize truck on a unibody platform. But this idea was tossed out due to problems with getting decent fuel economy and pricing the model at an affordable point while still making a profit. Marchionne says the biggest hurdle for a Ram midsize truck is trying to make a business case for it. When Marchionne looks at GM's midsize trucks - Chevrolet Colorado and GMC Canyon -, he assumes the profit margins are less than the full-size trucks due to pricing. Still, Marchionne believes there is a place for a midsize truck. “I think it’s a good place to be. Ram needs to expand its lineup.” Source: Motor Trend View full article
  21. Fiat Chrysler Automobiles' five-year plan for each of its nine core brands doesn't sound realistic to analysts. Automotive News Europe reports that analysts cannot see FCA achieving its goal of doubling or tripling sales without investing a lot of money, something FCA doesn't quite have at the moment. Analysts believe for FCA to pull this monumental plan off, they'll need to cut some brands out. “The problem is PowerPoint presentations are a lot easier than real life. These brands need a huge amount of work to get where they need to be. The world changes very slowly and you have brands at the bottom of the pile in many regions. It’s not going to happen overnight,” said Harald Hendrikse, a London-based analyst with Nomura Holdings. CEO Sergio Marchionne disagrees with analysts, saying that FCA’s advantage is that “we now have brands in the marketplace that are not butting heads.” Marchionne also pointed out that plan already eliminated two brands; Lancia and SRT. Marchionne also responded to comments that Chrysler and Dodge should be combined. “Co-mingling Dodge and Chrysler would have cost us a lot of share. That combination doesn’t work in our view,” Marchionne said. Source: Automotive News Europe (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article
  22. The end is coming for Fiat Chrysler Automobile's CEO Sergio Marchionne. In a interview with Bloomberg, Marchionne says he will step down in 2018, the same time that his second five year plan will end. “I’ll undoubtedly do something else” after the end of 2018, said Marchionne. "I am not going to do any more turnarounds. I’m done; let some of the young punks do it.” Marchionne, 62, became the CEO of Fiat in 2004 and helped triple the automaker's revenue over the subsequent years. He was also a key person in the company's acquisition of Chrysler. There is no mention of who will be successor to Marchionne. But the current CEO does mention his role may be split among a number of executives. “There are a number of things that the next CEO will do which are totally different from what I do. The role as presently configured will have to be reconfigured.” Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article

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